PERU · MINING
Key Facts
- —Power Index Peru ranks 5th of 14 in The Rio Times Latin America Power Index, with 54.7 points (October 2026 edition).
- —What is happening Southern Copper says its Peru projects could exceed US$10.3 billion over the next decade.
- —Why it matters Peruvian copper feeds US power grids, electric vehicles and data centres, and the miner trades in New York.
- —The numbers Tía María, a copper mine in Arequipa, was 49.6% complete on 30 September, with US$884.3 million spent.
- —Who is who Southern Copper is a copper miner controlled by Mexico’s Grupo México; its New York ticker is SCCO.
- —What to watch Tía María start-up, due in the first half of 2028, and the Los Chancas site dispute.
- —What it means for you US holders of SCCO shares should treat the figure as a decade-long ambition, not next year’s spending.
Southern Copper, a New York-listed miner, says its Peru projects could top US$10.3 billion over the next decade. Three mines and one expansion would add copper supply.
Southern Copper, a New York-listed miner, says its Peru projects could top US$10.3 billion over the next decade. Copper goes into power grids, electric vehicles and data centres, so new Peruvian supply matters to US industry.
The company gave the figure in its third-quarter results on Tuesday, 20 October. It is 88.9% owned by Mexico’s Grupo México, a mining and rail group.
What the Plan Includes
Tía María, a copper mine in Peru’s Arequipa region, was 49.6% complete on 30 September. The company has spent US$884.3 million and committed about US$1.1 billion.
It expects Tía María to start operating in the first half of 2028. The mine should produce 120,000 tonnes of copper a year in its early years.
Los Chancas, a planned open-pit mine in the Apurímac region, would cost about US$2.6 billion. The company expects operations to begin in 2031, with 130,000 tonnes of copper a year.
Michiquillay, in the Cajamarca region, would cost about US$2.5 billion and produce 225,000 tonnes of copper a year. The company expects start-up by 2032.
The company also lists a US$680 million expansion of its Cuajone mine in Moquegua. It would add about 55,000 tonnes of copper a year, plus 1,400 tonnes of molybdenum, a metal that hardens steel.
Risks to the Schedule
The company says illegal miners have threatened the Los Chancas area. It says it is working to regain control of the project site.
These dates are company targets, not government approvals. Schedules for mines of this size can change.
Southern Copper earned US$1.80 billion in the third quarter, up 62.7% from a year earlier. Net sales hit a quarterly record of US$4.70 billion, up 39.1%, and capital spending reached US$515.8 million.
What It Means for You
US investors in Southern Copper shares, which trade in New York as SCCO, should read US$10.3 billion as a decade-long ambition. It is not a spending commitment for next year.
US makers of wiring, batteries and grid equipment would gain, but most of these mines would not produce before 2028. Mined copper in the third quarter was 232,396 tonnes, down 1.1% from a year earlier.
Related Rio Times reports are Southern Copper to Spend US$8.2 Billion in Peru and Southern Copper Plans US$471 Million in Peru. See also Peru Mining Investment Set for 2014 High, the Peru and US relations guide and the Peru hub.
What Is Not Known
A 1 November report says Peru’s Energy and Mines Ministry put the plan at US$10.38 billion across five regions. The ministry’s page could not be opened, so this article uses the company’s figure.
The ministry’s number, the five regions and a meeting between the minister and company executives rest on that single report. No second source confirmed them.
The company’s release gives no year-by-year spending schedule. How much of the US$10.3 billion is already committed beyond Tía María is not stated in the figures that could be verified.
No new Peruvian permit or approval tied to this plan was found. Illegal mining around Los Chancas remains an open risk.
Frequently Asked Questions
How much does Southern Copper plan to invest in Peru?
The company says its Peruvian projects could exceed US$10.3 billion over the next decade. It gave the figure in its third-quarter results on 20 October.
When will the Tía María copper mine start producing?
The company expects Tía María to start operating in the first half of 2028. It was 49.6% complete on 30 September and should make 120,000 tonnes of copper a year.
Which Peruvian projects are in the plan?
The plan covers Tía María in Arequipa, Los Chancas in Apurímac and Michiquillay in Cajamarca. It also includes a US$680 million expansion of the Cuajone mine.
Does the plan affect US copper buyers?
Not soon, because most of the new mines would not produce before 2028. Over time they would add supply of a metal used in wiring, batteries and grid equipment.
Sources: Southern Copper Corporation, third-quarter 2026 results release (SEC Form 8-K, 20 October 2026); Peru Ministry of Energy and Mines, checked for a statement on the plan, none found.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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